5/11/2016 10:47 AM SRF LIMITED CONSOLIDATED AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31st MARCH 2016
STATEMENT OF CONSOLIDATED AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31ST MARCH 2016 Sl. No. Particulars December Standalone March Year Ended 2016 Previous Year ended December Consolidated March Year ended 2016 (Rs. In Lakhs) Previous Year ended (1) (2) (3) (4) (5) (1) (2) (3) (4) (5) 1 The Company contended that while State is demanding local ta Income from operations a) Net sales (net of excise duty) 88535 84298 84687 358131 357021 109307 108007 106533 453082 449236 b) Other Operating Income 2079 1673 1528 6551 4378 2193 1730 1603 6930 4749 Total Income from operations (net) 90614 85971 86215 364682 361399 111500 109737 108136 460012 453985 2 Expenses a) Cost of materials consumed 40524 40830 45171 174961 196206 52279 53659 57271 227848 253859 b) Purchase of stock-in-trade 912 699 862 3504 3612 912 699 862 3504 3612 c) Changes in inventories of finished goods, work-in-progress and stock in trade 1603 1147 726 1052 (3951) 808 1724 1672 1705 (3275) d) Employee benefits expense 9232 7472 7430 30354 26528 11339 9514 9516 38903 35613 e) Depreciation and amortisation expense 6302 6164 5567 25077 20885 7245 7126 6481 28915 24503 f) Power and fuel 7717 7784 8001 33186 35779 9257 9330 9763 39807 43415 g) Exchange currency fluctuation loss / (gain) (77) (236) (792) (281) (149) (568) 652 (316) 1058 944 h) Other expenses 12082 9353 10516 41054 37508 14582 11442 13186 51092 48071 Total Expenses 78295 73213 77481 308907 316418 95854 94146 98435 392832 406742 3 Profit from operations before other income, finance costs and exceptional items (1-2) 12319 12758 8734 55775 44981 15646 15591 9701 67180 47243 4 Other income 1232 1073 603 3323 4586 1061 920 510 2726 6458 5 Profit from ordinary activities before finance costs and exceptional items (3+4) 13551 13831 9337 59098 49567 16707 16511 10211 69906 53701 6 Finance costs 2510 2148 2222 9353 9956 3150 3049 3044 12831 13758 7 Profit from ordinary activities after finance costs but before exceptional items (5-6) 11041 11683 7115 49745 39611 13557 13462 7167 57075 39943 8 Exceptional items - - - - - - - - - - 9 Profit from ordinary activities before tax (7-8) 11041 11683 7115 49745 39611 13557 13462 7167 57075 39943 10 Tax expense 2432 3370 1236 13658 8838 2678 3394 1125 14781 9662 11 Net Profit from ordinary activities after tax (9-10) 8609 8313 5879 36087 30773 10879 10068 6042 42294 30281 12 Extraordinary items (Net of tax expense) - - - - - - - - - - 13 Net Profit for the period (11-12) 8609 8313 5879 36087 30773 10879 10068 6042 42294 30281 14 Paid up equity share capital (Rs.10 each fully paid up) 5742 5742 5742 5742 5742 5742 5742 5742 5742 5742 15 Paid Up Debt Capital* 20000 20000 20000 20000 16 Reserves excluding revaluation reserves as per balance sheet of previous accounting year 231028 220870 17 Debenture Redemption Reserve 5000-5000 - 18 Basic EPS for the period (Not annualised) 15.00 14.47 10.24 62.85 53.59 18.95 17.53 10.52 73.66 52.74 19 Diluted EPS for the period (Not annualised) 15.00 14.47 10.24 62.85 53.59 18.95 17.53 10.52 73.66 52.74 20 Debt Equity Ratio** 0.63 0.63 0.95 1.07 21 Debt Service Coverage Ratio*** 2.54 2.83 1.67 2.80 22 Interest Service Coverage Ratio**** 9.41 8.06 8.07 6.52 * Paid up Debt Capital comprises of listed Debentures only ** Debt Equity Ratio = Total Debt / Equity *** Debt Service Coverage Ratio (DSCR) = (EBDIT - Tax) / (Gross Interest + Scheduled Principal Repayment of Long Term Debts) **** Interest Service Coverage Ratio (ISCR) = (EBDIT - Tax) / Gross Interest
STATEMENT OF CONSOLIDATED AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31ST MARCH 2016
CONSOLIDATED SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED FOR THE QUARTER AND YEAR ENDED 31ST MARCH 2016 Particulars December Standalone March Year Ended 2016 Previous Year March December Consolidated March Year ended 2016 (Rs. In Lakhs) Previous Year March (1) (2) (3) (4) (5) (1) (2) (3) (4) (5) Segment Revenue a) Technical Textiles Business (TTB) 32415 32829 39566 143874 170294 39728 39623 48214 174558 203956 b) Chemicals and Polymers Business (CPB) 43203 37897 31671 155482 126341 43203 37897 31671 155482 126341 c) Packaging Film Business (PFB) 15152 15404 15209 66037 65676 28725 32376 28482 130683 124600 Total Segment Revenue 90770 86130 86446 365393 362311 111656 109896 108367 460723 454897 Less: Inter Segment Revenue 156 159 231 711 912 156 159 231 711 912 Net Sales / Income from Operations 90614 85971 86215 364682 361399 111500 109737 108136 460012 453985 Segment Results (Profit before Interest and Tax from each Segment) a) Technical Textiles Business (TTB) 3766 1813 3728 15583 17503 4933 2116 4631 17280 19573 b) Chemicals and Polymers Business (CPB) 10396 10512 6110 38876 29826 10396 10512 6110 38876 29826 c) Packaging Film Business (PFB) 1990 1947 515 10205 3869 4064 4305 587 19297 6361 Total Segment Results 16152 14272 10353 64664 51198 19393 16933 11328 75453 55760 Less/(Add): i) Finance Costs 2510 2148 2222 9353 9956 3150 3049 3044 12831 13758 ii) Other Unallocable Expenses Net of Income 2601 441 1016 5566 1631 2686 422 1117 5547 2059 Total Profit Before Tax 11041 11683 7115 49745 39611 13557 13462 7167 57075 39943 Capital Employed (Segment Assets Less Segment Liabilities) a) Technical Textiles Business (TTB) (Including Capital Work In Progress: As at, 2016 -Standalone: Rs. 2132 lakhs -Consolidated: Rs. 806 lakhs As at, - Standalone: Rs. 2415 lakhs - Consolidated: Rs. 1104 lakhs ) b) Chemicals and Polymers Business (CPB) (Including Capital Work In Progress:- As at, 2016 - Standalone: Rs. 8816 lakhs - Consolidated: Rs. 8816 lakhs As at, - Standalone: Rs. 8433 lakhs - Consolidated: Rs. 8433 lakhs ) 98732 107093 106583 98732 106583 107389 113954 115156 107389 115156 248277 253005 230678 248277 230678 248277 253005 230678 248277 230678 c) Packaging Film Business (PFB) (Including Capital Work In Progress:- As at, 2016 - Standalone: Rs. 2068 lakhs - Consolidated: Rs. 2116 lakhs As at, - Standalone: Rs. 874 lakhs - Consolidated: Rs. 781 lakhs ) 52653 51458 46043 52653 46043 130444 131111 128066 130444 128066 Total Capital Employed 399662 411556 383304 399662 383304 486110 498070 473900 486110 473900 Add : Unallocable Assets Less Liabilities 73568 40571 37333 73568 37333 65185 32305 29811 65185 29811 Total Capital Employed in the Company 473230 452127 420637 473230 420637 551295 530375 503711 551295 503711
CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES AS AT MARCH 31, 2016 Particulars As at 31st Standalone As at As at 31st (Rs. In lakhs) Consolidated As at EQUITY AND LIABILITIES Shareholders' Funds (a) Share capital 5844 5844 5844 5844 (b) Reserves and surplus 263185 233948 261101 223790 Sub-total - Shareholders' funds 269029 239792 266945 229634 (1) (2) (1) (2) Non-current liabilities (a) Long-term borrowings 130903 109363 191195 178819 (b) Deferred tax liabilities 39414 34430 47765 40941 (c) Other long-term liabilities 3968 4998 3968 4998 (d) Long-term provisions 1857 1669 1862 1671 Sub-total - Non-current liabilities 176142 150460 244790 226429 liabilities (a) Short-term borrowings 18427 18308 18926 23623 (b) Trade payables 50833 42137 71455 58144 (c) Other current liabilities 29461 35006 51728 56409 (d) Short-term provisions 836 1087 915 1157 Sub-total - liabilities 99557 96538 143024 139333 TOTAL - EQUITY AND LIABILITIES 544728 486790 654759 595396 ASSETS Non-current assets (a) Fixed assets 343722 325298 422778 402295 (b) Goodwill on consolidation 350 350 (c) Non-current investments 8793 8365 433 5 (d) Deferred tax assets 7793 7083 (e) Long-term loans and advances 20331 12717 20800 13111 (f) Other non-current assets 594 558 1051 920 Sub-total - Non-current assets 373440 346938 453205 423764 assets (a) investments 15757 9422 15757 9422 (b) Inventories 61390 63759 70498 76350 (c) Trade receivables 37168 47855 51449 61066 (d) Cash and cash equivalents 32968 6516 38923 10730 (e) Short-term loans and advances 23824 12030 24579 13674 (f) Other current assets 181 270 348 390 Sub-total - assets 171288 139852 54 171632 TOTAL - ASSETS 544728 486790 654759 595396
SRF Limited NOTES TO CONSOLIDATED AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31ST MARCH 2016 1 The audited financial statements have been reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on 10th May, 2016. 2 The Company had received demand for payment of Central Sales Tax (CST), Value Added Tax (VAT) and Entry Tax aggregating to Rs. 12106 lakhs (March 31, : Rs. 11138 lakhs) including interest and penalty of Rs. 3438 lakhs (March 31, : Rs. 3438 lakhs) for the period from 2005 to 2013 in respect of sales from its manufacturing facility in Special Economic Zone (SEZ) in Madhya Pradesh to the Domestic Tariff Area (DTA). The Company had already paid on the same products Rs. 5137 lakhs as Additional Countervailing Duty (ACVD) to the Central Government, based on Company s view that ACVD was payable as per extant policies and Legislations of the Centre and the State. The Company had filed writ petitions against all such demands, on which Hon ble High Court of Madhya Pradesh ( Court ) has granted stay. The Management is of the view which is also confirmed bylegal opinion that Company has a good case on merits and is confident of getting relief from the Court and, accordingly, no provision has been created. 3 The Technical Textiles plant of the Company at Manali, Tamil Nadu which was disrupted due to floods caused by incessant rain returned to normal in April, 2016. The Plant is adequately covered by insurance. The estimated financial loss has been in the range of Rs. 18 20 crores. 4 During the quarter, the Board had approved a proposal to set up a pilot plant to manufacture next generation refrigerant gas HFO 1234yf using indigenous technology. 5 During the quarter, the first phase of the projects for manufacture of R134a pharma grade manufacturing and filling facility as per cgmp requirement at Dahej, Gujarat and conversion of HFC134a plant at Bhiwadi into swing plant to produce both HFC 134a and HFC 32, at an approximate cost of Rs. 25 crores and Rs. 9 crores respectively were commissioned and capitalised. 6 The 9.80% Listed, Secured Redeemable Non-Convertible Debentures of Rs. 10 lakhs each aggregating to Rs. 20000 lakhs are secured against first pari-passu charge over some of the moveable and immoveable properties of the Company to the extent of asset cover of 2.09 times. The previous due date for payment of interest on the said debentures amounting to Rs. 991 lakhs was 28th March, 2016 and the next due date for payment interest on the said debentures amounting to Rs. 975 lakhs is 26th September, 2016. India Ratings & Research Private Limited has assigned a rating of 'Ind AA' to the aforesaid debentures. 7 The figures of the last quarter are the balancing figures between the audited figures in respect of full financial year and published year to date figures upto the third quarter of the current financial year. 8 Previous period figures have been regrouped wherever necessary to conform to current quarter classifications. For and on behalf of the Board Place : Gurgaon Date : 10th May, 2016 Ashish Bharat Ram Managing Director
Sl. No. SRF LIMITED STATEMENT OF CONSOLIDATED AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31ST MARCH 2016 Particulars ended 31st ended 31st December Consolidated ended Year March 2016 (Rs. In Lakhs) Previous Year March (1) (2) (3) (4) (5) 1 The Company contended that while State is demanding local taxes, the Centre in its reply has s Income from operations a) Net sales (net of excise duty) 109307 108007 106533 453082 449236 b) Other Operating Income 2193 1730 1603 6930 4749 Total Income from operations (net) 111500 109737 108136 460012 453985 2 Expenses a) Cost of materials consumed 52279 53659 57271 227848 253859 b) Purchase of stock-in-trade 912 699 862 3504 3612 c) Changes in inventories of finished goods, work-in-progress and stock in trade 808 1724 1672 1705 (3275) d) Employee benefits expense 11339 9514 9516 38903 35613 e) Depreciation and amortisation expense 7245 7126 6481 28915 24503 f) Power and fuel 9257 9330 9763 39807 43415 g) Exchange currency fluctuation loss / (gain) (568) 652 (316) 1058 944 h) Other expenses 14582 11442 13186 51092 48071 Total Expenses 95854 94146 98435 392832 406742 3 Profit from operations before other income, finance costs and exceptional items (1-2) 15646 15591 9701 67180 47243 4 Other income 1061 920 510 2726 6458 5 Profit from ordinary activities before finance costs and exceptional items (3+4) 16707 16511 10211 69906 53701 6 Finance costs 3150 3049 3044 12831 13758 7 Profit from ordinary activities after finance costs but before exceptional items (5-6) 13557 13462 7167 57075 39943 8 Exceptional items - - - - - 9 Profit from ordinary activities before tax (7-8) 13557 13462 7167 57075 39943 10 Tax expense 2678 3394 1125 14781 9662 11 Net Profit from ordinary activities after tax (9-10) 10879 10068 6042 42294 30281 12 Extraordinary items (Net of tax expense) - - - - - 13 Net Profit for the period (11-12) 10879 10068 6042 42294 30281 14 Paid up equity share capital (Rs.10 each fully paid up) 5742 5742 5742 5742 5742 15 Paid Up Debt Capital* 20000 20000 16 Reserves excluding revaluation reserves as per balance sheet of previous accounting year 220870 17 Debenture Redemption Reserve 5000-18 Basic EPS for the period (Not annualised) 18.95 17.53 10.52 73.66 52.74 19 Diluted EPS for the period (Not annualised) 18.95 17.53 10.52 73.66 52.74 20 Debt Equity Ratio** 0.95 1.07 21 Debt Service Coverage Ratio*** 1.67 2.80 22 Interest Service Coverage Ratio**** 8.07 6.52 * Paid up Debt Capital comprises of listed Debentures only ** Debt Equity Ratio = Total Debt / Equity *** Debt Service Coverage Ratio (DSCR) = (EBDIT - Tax) / (Gross Interest + Scheduled Principal Repayment of Long Term Debts) **** Interest Service Coverage Ratio (ISCR) = (EBDIT - Tax) / Gross Interest
STATEMENT OF CONSOLIDATED AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31ST MARCH 2016
Particulars CONSOLIDATED SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED FOR THE QUARTER AND YEAR ENDED 31ST MARCH 2016 ended 31st December Consolidated ended Year (Rs. In Lakhs) Previous Year March (1) (2) (3) (4) (5) Segment Revenue a) Technical Textiles Business (TTB) 39728 39623 48214 174558 203956 b) Chemicals and Polymers Business (CPB) 43203 37897 31671 155482 126341 c) Packaging Film Business (PFB) 28725 32376 28482 130683 124600 Total Segment Revenue 111656 109896 108367 460723 454897 Less: Inter Segment Revenue 156 159 231 711 912 Net Sales / Income from Operations 111500 109737 108136 460012 453985 Segment Results (Profit before Interest and Tax from each Segment) a) Technical Textiles Business (TTB) 4933 2116 4631 17280 19573 b) Chemicals and Polymers Business (CPB) 10396 10512 6110 38876 29826 c) Packaging Film Business (PFB) 4064 4305 587 19297 6361 Total Segment Results 19393 16933 11328 75453 55760 Less/(Add): i) Finance Costs 3150 3049 3044 12831 13758 ii) Other Unallocable Expenses Net of Income 2686 422 1117 5547 2059 Total Profit Before Tax 13557 13462 7167 57075 39943 Capital Employed (Segment Assets Less Segment Liabilities) a) Technical Textiles Business (TTB) (Including Capital Work In Progress as at: -, 2016: Rs. 806 lakhs -, : Rs. 1104 lakhs ) b) Chemicals and Polymers Business (CPB) (Including Capital Work In Progress as at: -, 2016: Rs. 8816 lakhs -, : Rs. 8433 lakhs ) c) Packaging Film Business (PFB) (Including Capital Work In Progress as at: -, 2016: Rs. 2116 lakhs -, : Rs. 781 lakhs ) 107389 113954 115156 107389 115156 248277 253005 230678 248277 230678 130444 131111 128066 130444 128066 Total Capital Employed 486110 498070 473900 486110 473900 Add : Unallocable Assets Less Liabilities 65185 32305 29811 65185 29811 Total Capital Employed in the Company 551295 530375 503711 551295 503711